Recently, there has been some speculation about a massive whale buying $237 million worth of XRP tokens after Whale Alert reported such a transfer 16 hours ago. However, this does not appear to be a fresh purchase.
A post went semi-viral on the X social media platform, arguing that there were fundamental issues with the XRP market, considering that the price of the token did not budge even after such a substantial transfer.
"When a whale buys more than a quarter of a billion XRP a couple of hours ago, without so much as a flicker in the unit price of XRP, surely even the most trusting will suspect that this whole XRP market has a few fundamental issues," an X user named DigitalG commented on Tuesday.
Some community members have opined that the "manipulation" of XRP is "ridiculous."
Ripple CTO David Schwartz weighed in on the matter, claiming that the transaction in question is "almost certainly" a withdrawal from the exchange. Hence, it does not mean that the purchase was recent.
XRP is currently trading at $2.40, according to CoinGecko data. The token is down 3% over the past 24 hours.
Several similar XRP transfers were picked up by Whale Alert earlier this month, but they had little impact on the token's price action since these are typically not market-moving buy orders.
Vladislav Sopov
U.Today Editorial Team